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Saturday, July 22, 2017

NEWPORT BEACH, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $43.55 million
sale of Marigold Center, a
174,428-square-foot, grocery-anchored shopping center in the Central Coast
community of San Luis Obispo, California.

HFF marketed the property
on behalf of the seller, Kimco Realty Corp.
Donahue Schriber purchased the asset free and clear of existing debt.

The center is situated on
17.54 acres at 3900 Broad Street, which, due to its location at the
intersection of Broad Street and Tank Farm Road, has traffic counts of
approximately 47,000 vehicles per day.

Marigold Center is just north of the airport
and in the most affluent part of the city, which is surrounded by
world-renowned Edna Valley wineries.
More than 33,700 residents earning an average annual household income of
$85,490 live within a three-mile radius of the center.

Bryan Ley

The HFF retail investment
sales team representing the seller was led by managing directors Gleb Lvovich and Bryan Ley and director Eric
Kathrein.

“The HFF team was able to
navigate near term tenant turnover at the property by demonstrating the
potential for future repositioning and NOI growth at Marigold Center,” Lvovich
said. “Well-located retail real estate
with strong fundamentals continues to demand investor attention and a yield
premium.”

“With Vons’ top-tier
grocery sales, Marigold Center is one of the best community centers in San Luis
Obispo,” Ley added.